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Some timely advice on Wills & Powers of Attorney
Friday, 25 June 2010
GET A WILL – THE ONLY WAY TO PROTECT YOUR PARTNER AND FAMILY
As many as seven out of ten people will die without having made a Will, leaving all sorts of problems for loved ones.
The only certain way to ensure that your spouse, partner or friends inherit what you intend is by making a Will. Without a Will, intestacy rules apply, in an arbitrary manner, particularly where there are no children. This could mean that your spouse is left having to share the estate with your relatives – who are often never intended to benefit.
The intestacy rules do not recognise cohabitees : they would be left having to make a claim against your estate. If you have children with your partner then they will automatically inherit the estate. Your partner would have to obtain separate legal representation in order to fight for a share in your estate. Needless to say, this would be expensive.
A simple Will is all that you need to ensure that your intended beneficiaries receive what you intend– exercise your ‘Will’ power – make a Will TODAY!
LASTING POWERS OF ATTORNEY (LPA’S)
Have you ever thought what would happen, if you were left mentally unable to make decisions for yourself, perhaps after an accident or illness, or when you become advance in years? A Lasting Power of Attorney is designed to help you in this situation.
There are two types of LPA: one deals with your property and financial affairs the other, covers your health and personal welfare.
Without a Power of Attorney stating who can look after your affairs, your spouse and/or children, or indeed anyone else with an interest in your welfare, are left with the arduous task of applying to the Court of Protection for permission to deal with your affairs. Not a great situation to be in, particularly if you are the unfortunate one left trying to tie up the loose ends of someone else’s affairs! Equally, how disconcerting would it be to think that someone else could potentially be appointed as being responsible for you, perhaps someone you really would not want!
An LPA gives you the opportunity to put your wishes and feelings down into a legally recognised document, setting out what should happen, if your abilities ever deteriorated. However, it cannot be used unless it has been registered with the Office of the Public Guardian; therefore, you are able to control your own affairs indefinitely until such time that you feel you are unable to manage.
People are now living longer – which is great news for us all – but it does bring a greater possibility of some form of mental illness later in life. Don’t leave it to chance, take control of your affairs and exercise your right to choose, create your Lasting Powers of Attorney TODAY!